Glonghui, April 8 | Daiwa published a research report stating that the recurring profit of Zoomlion Heavy Industries last quarter was better than expected. The bank believes that the company is cautious about initial results, so the final profit is better than expected. The final dividend was $0.32, and the payout ratio was surprisingly 79%. The bank is positive about this because management's commitment to shareholders to pay higher dividends means a positive change in its strategy; the company has strong confidence in generating interest payments in cash and will further work to improve working capital. The bank raised the company's earnings estimate per share by 4 to 7% from 2024 to 2025 to reflect higher revenue expectations and better sales and administrative expenditure prospects. It also raised the target price from HK$5.5 to HK$5.7, reaffirming the “buy” rating.